Industrial Reconstruction Bank of India Act : Existence of vacancy in, or defect in the constitution

Industrial Reconstruction Bank of India Act,1984

Act No : 62

Section : Existence of vacancy in, or defect in the constitution of, the Boardor defect disqualification of a member not to invalidate theproceedings of the Board.

16. Existence of vacancy in, or defect in the constitution of, the Board or defect disqualification of a member not to invalidate the proceedings of the Board. (1) No act or proceeding of the Board or of any Executive or other committee constituted by it shall be invalid merely on the ground of the existence of any vacancy in, or any defect in the constitution of, such Board, or committee, as the case may be. (2) All acts done by a person acting in good faith as a member of the Board or of any committee constituted by it shall be valid, notwithstanding that it may afterwards be discovered that his appointment was invalid by reason of any defect or disqualification or had terminated by virtue of any provision of this Act or any other law for the time being in force: Provided that nothing in this section shall be deemed to give validity to any act of a member of the Board or of any committee after his appointment has been shown to the Reconstruction Bank to be invalid or to have terminated. 561